The Internet Computer price increased nearly 70% in one week

robot
Abstract generation in progress

CryptoWorld News reports that Internet Computer (ICP) prices have surged nearly 70% over the past week, soaring from approximately $2.10 to a high near $3.75 on May 11, and currently stabilizing around $3.55. This rally has made ICP one of the best-performing large cryptocurrencies. The main driver is the Dfinity Foundation’s announcement that WordPress can run entirely on the ICP blockchain, demonstrating front-end, backend database, and management functions operating on-chain, enhancing ICP’s potential as a decentralized cloud infrastructure. Additionally, Dfinity’s “Task 70” plan aims to reduce ICP’s annual inflation rate by 70% by the end of 2026 and introduce a 20% revenue-based token burn mechanism, potentially shifting towards a deflationary model. The market responded positively to the “Cloud Engine” showcased on May 10, which demonstrated enterprise-grade AI subnets capable of hosting decentralized AI workloads directly on-chain. ICP’s price confirmed a breakout above the $2.60 resistance zone on the daily chart, indicating strong bullish momentum.

ICP-1.79%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin